Olympic Village developer short on loan payment
The developer of Vancouver's Olympic Village has come up a few million dollars short on one of its loan payments to the city, officials say.
Millennium Development was supposed to make a $200-million payment at the end of August, but was able to come up with only $197 million of that amount, according to a release Thursday from Vancouver Mayor Gregor Robertson.
Robertson said there is no truth to reports suggesting that the city is demanding immediate payment of the rest of the loan, about $561 million.
The mayor said he has told Millennium it needs to produce a plan to market and sell the Olympic Village condominium units, which have been slow to move in a softening housing market.
The developer's original lender, New York-based hedge fund Fortress Investment Group, stopped paying its loan, forcing the city to step in and secure hundreds of millions of dollars to finish the project in time for the 2010 Winter Games.
Millennium is due to make another payment of $75 million to the city in January 2011.